Dana spreads exploration focus

Dana Petroleum expects to participate in a record 20 exploration and appraisal wells this year.

Offshore staff

ABERDEEN, UK -- Dana Petroleum expects to participate in a record 20 exploration and appraisal wells this year.

The latest has just started drilling the Nefertiti oil prospect offshore the Gulf of Suez, Egypt. Nefertiti is in the South October concession with targeted reserves, based on 3D seismic mapping, of up to 40 MMboe (Dana's interest is 65%).

Also under way is a well on the Tolmount gas prospect in the UK southern North Sea (Dana 45%). Results are expected during the next few weeks. Nearby in the Dutch sector, Petro Canada Netherlands, which Dana recently agreed to acquire, is drilling the L06-08 exploration prospect.

Elsewhere, the West Phoenix rig has been released from duty offshore Norway and will shortly mobilize to the Faroe Islands to drill the Anne Marie prospect for Eni (Dana 25%). The well should spud within the next fortnight. Dana estimates potential reserves here of up to 300 MMbbl of oil.

Following the discovery of the Anchois gas field offshore Morocco last year, the joint venture led by Repsol, has acquired 1,336 sq km (516 sq mi) of 3D seismic and also 3D controlled source electromagnetic surveys (CSEM). The new data covers most of the identified prospects and leads in the Tanger-Larache concession, and will be used to rank the stand-out prospects for exploration drilling in mid-2011.

This program currently comprises a firm exploration well and one contingent exploration well, plus a contingent drillstem test on the Anchois-1 well, which was suspended for future use following the 130 bcf discovery.

Farther south, the Maersk Deliverer rig is en route from the Far East to Mauritania to drill Cormoran in offshore block 7. This is the largest prospect in Dana’s 2010 exploration campaign and is close to its Pelican discovery. The well should spud around Sept. 1. Based on 3D seismic mapping, Cormoran has targeted reserves of 400-780 MMboe.

Also in northwest Africa, Dana recently won approval to participate in Hyperdynamics’ PSC offshore Guinea, spanning over 24,000 sq km. (9,266 sq mi). The partners have commissioned a 3,500-sq km (1,351-sq mi) 3D seismic survey, due to start this month, to obtain detailed imaging of numerous prospects identified from existing 2D data.

Processing should be complete by year-end, allowing drilling targets to be finalized for next year’s campaign.

07/16/2010

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